Payment Workflow Solution

Finteq Workflow Solution – FWS

Finteq Payment Workflow Soution

Our payment workflow solution is an image enabled payment and data origination utility which supports the controlled entry, validation, recording and reconciliation of routine business transactions to provide clean, error free data for subsequent transmission and processing.

FWS is a full end to end Clearing Solution which is ‘Truncation Ready’. Apart from the ability to process cheques, the Solution can also be used to capture and manage EFTs. The solution can transmit the transactions to a Clearing House Gateway or directly to the Clearing House if required.

This can be done either at regular intervals or continuously to allow the Clearing House to settle at will.

The core system enables complete inward, outward and return (unpaid) processing with the following features:

  • Scan deposit slips and their associated cheques
  • Capture information on cheques and other financial documents and reconciliation.
  • Correct MICR misreads
  • Balance batches to deposits / batch control vouchers
  • Endorse the cheques scanned for reference and indexing
  • Create necessary adjustments
  • Produce necessary advices and reports
  • Manage distributed capture
  • Create the required image and financial output formats for the clearing house interface, core banking application and archive
  • Capture and manage EFTs/Direct Debits
  • Processing of unpaid/returned items and discrepancies
  • View history data and images and reports on the Archive
  • Import and management of Corporate and Salary payment files.

The Finteq Workflow Solution provides a comprehensive platform for the creation of payment and non-financial data in a controlled and secure environment.  The system’s flexibility allows for deployment in any of the following methodologies -hub, spoke, thick client, thin client, web, hybrid.

Typical ‘workflows’ containing a broad range of routine business activities have been developed for most financial processes including: Inward/Outward Clearing, Electronic Funds Transfer, Payments Returned/Unpaid handing and others.

Bank_Central_Cearing_deparment

Additional ‘types of work’ can easily be designed and developed to handle the activities associated with new business processes.

In addition to the payment processes already referred to, FWS can similarly be configured to cater for the routine activities included in ‘non-financial types of work’. For example, the control and administration of the clerical activities involved in:

  • New customer origination together with regulatory compliance processes –
    customer identification/authentication. (KYC), loan and investment origination.
  • Customer instructions, mandates and power of attorney.
  • Signature handling – authorisation/authentication.

Finteq’s expertise in integration of different financial systems has allowed it to integrate FWS to the following Core Banking systems:

  • Finacle – many versions
  • Flexcube
  • Temenos T24
  • Various Misys systems, including BFUB, Bankmaster, Midas etc.
  • TCS Bancs
  • Various legacy and Mainframe systems.

Unique features

  • Highly configurable workflow enabling segregation of responsibilities and fast deployment of regulatory changes.
  • Scalable offering with additional facilities such as Mandate Management, Signature Management, KYC documentation management and EFT processing from a single platform.
  • Supports nearly all available scanners.
  • Flexible financial engagement model. Rent/SAAS/HP/upfront etc.
  • Image Quality Assurance (IQA) included as standard and done at point of imaging, ensuring low amount of exceptions.
  • Fully auditable and re-constructable process.
  • Already country-ready.
  • Online Archive for storage and retrieval of cheque images, other transactions, mandates, reports and other documents.
  • Ability to handle complex integration.